Looking to purchase a short sale?

Are short sales good deals?

Sometimes. Often times people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and needing to sell their home quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the "bargain" price may in fact be closer to actual market values instead of below.

Are you ready to buy a short sale property?

• Always do your research before making any offers. Using a knowledgeable real estate agent from Bret Mundy Real Estate LLC to assist you with researching a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you make a decision about how much to offer.

• Get an agent with short sale experience. Bret Mundy Real Estate LLC can assist you in expediting the transaction and make certain you're protected. Don't permit inexperience to hinder the closing process. Let my experience and knowledge work for you.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Know that a majority of short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when buying a short sale. The lender will be selling the property as seen which means the lender isn't going to pay for repairs. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Bret Mundy Real Estate LLC, when I write an offer, I'm looking out for your interests first and foremost and will always advise you to make your offer contingent upon the inspection results.